With biotech industry eager to expand, the industry is witnessing an increase in ethanol production and this industry along with innovations is set to result in a long term economic boom for rural America. On the other hand some experts claim that ethanol craze is short lived and at the end would not be beneficial for the agriculture sector. It also stated that even if America contributed hundred percent of its facilities for ethanol production, in effect it would only be able to replace six percent of the petroleum needs of the country. It is expected that though the plantation would lead to the creation of jobs but it would not transform the whole industry. It is expected that new technology would improve the viability and even a few companies are trying to promote renewable fuels. Some people say that it is a gold rush mentality and this is associated with a situation of boom and bust.
A high-profile report released in U.S by Earth Policy Institute had stated that the ethanol industry of U.S might have an adverse impact on grain prices and even cause food riots worldwide but experts from the field of biotechnology have stated that they would never let this happen and fulfill all the requirements for food and fuel. In order to deal with this issue industrial biotech companies are creating new enzymes which would improve the ethanol production process and convert the cellulosic crop residues to fuel in an economic manner. Biofuel is being seen as an alternative fuel which would meet the needs of half of the world in the future. This sector is working hard for increasing the productivity of corn in an economically viable manner and also convert it into ethanol for meeting our increasing fuel requirements. The biotech industry feels that ethanol will not only meet our fuel requirements but also meet the needs of food in an affordable manner and that day is not far off.
America is making efforts for increasing the domestic production of biofuels so that it could lead to the creation of more jobs in this sector. For this purpose President Bush is making whole hearted efforts and is undertaking panel discussions on advancements in industrial biotechnology so that it could aid in increasing the production of ethanol. Jim Greenwood, President and CEO, Biotechnology Industry Organization stated: We appreciate the personal interest that President Bush has taken in boosting domestic biofuels production. The President’s recent statements underline his commitment to developing new biofuels technologies. We believe President Bush’s visit to Novozymes sends the world a strong message about the importance of the work that industrial biotechnology companies are doing to provide a key enabling technology for large-scale production of ethanol This is expected to act as a booster for the U.S based biotechnology jobs as the U.S government is making efforts for reducing the dependence on petroleum based energy fuels and is looking towards industrial biotechnology for offering cheap forms of alternate and renewable sources of energy in the form of biofuels. It is expected that it would lead to the creation of more jobs for the country.